Archives for February 21, 2018

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Lenovo has applied for a patent with the U.S. Patent & Trademark Office for an electronic device to ensure the integrity of a signed physical document using blockchain technology, according to a recent filing. The device identifies an integrity symbol within a physical document and converts it to a map that allows the device to

Key Highlights

Ripple price declined below the $0.9500 support area yesterday against the US dollar.

There are two important bearish trend lines forming with resistance at $0.9400 and $1.00 on the hourly chart of the XRP/USD pair (data source from SimpleFx).

The pair is currently correcting higher, but it is likely to face a lot of sellers on the upside near 0.9500.

Ripple price declined further during the past few hours against the US Dollar and Bitcoin. XRP/USD is currently recovering, but upsides are likely to be capped.

Ripple Price Resistance

There was no respite for buyers as Ripple price declined further below $0.9800 against the US Dollar. The price traded lower and even broke the $0.9500 support level. It was under a lot of pressure, which resulted in a push below $0.9000. A low was formed near $0.8817 from where the price started an upside correction above the $0.9000 level.

It is currently testing the 23.6% Fib retracement level of the last drop from the $1.0811 high to $0.8817 low. There are many hurdles on the upside for buyers starting with $0.9500. Moreover, there are two important bearish trend lines forming with resistance at $0.9400 and $1.00 on the hourly chart of the XRP/USD pair. The second trend line resistance is very important since is it close to $1.00 and the 100 hourly simple moving average. Furthermore, the 50% Fib retracement level of the last drop from the $1.0811 high to $0.8817 low is at $0.9815 to prevent upsides.

Therefore, if the price corrects higher from the current levels, then it could face sellers near $0.9600 and $0.9800. On the downside, the $0.9000 level is a major support followed by $0.8800.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is currently reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently just below the 50 level.

British MPs will participate in a committee to study the risks and benefits of Bitcoin and cryptocurrency despite Bank of England Governor Mark Carney writing it all off as a failure.

UK Makes First Moves Toward Regulation

A cross-party Treasury select committee of members of parliament announced on Thursday that they would launch an inquiry into digital currency as well as examine the underlying blockchain distributed ledger technology that powers it.

This seemingly late move is prompted by last years investing craze that drove the value of Bitcoin and some other digital currencies to all-time highs and the subsequent market correction that saw the prices plummet over a few days time.

Chair of the committee Nicky Morgan said the committee will study the impact of cryptocurrency on personal investors as well as financial institutions in the UK. The goal is to find the right balance between regulation to ensure investor protection without stifling business that may grow from both cryptocurrency and the blockchain technology.

The committee of lawmakers will take evidence from a range of experts in the field to inform their recommendations which it will then submit to the government.

“People are becoming increasingly aware of cryptocurrencies such as bitcoin, but they may not be aware that they are currently unregulated in the UK, and that there is no protection for individual investors,” Nicky Morgan, chair of the Treasury Committee, said.

Bank of England at Cross Purposes on Blockchain

Meanwhile, the Bank of England Governor Mark Carney continues his firm anti-crypto stance saying on Monday that Bitcoin “has pretty much failed” as a currency.

“It has pretty much failed thus far on … the traditional aspects of money. It is not a store of value because it is all over the map. Nobody uses it as a medium of exchange,”

The markets have continued correcting during the Asian trading session this morning. Bitcoin continues with its slow sell off but the some of the altcoins seem to be accelerating downwards at a faster rate. BTC seems to have found support at $10,500 and has headed upwards slightly however it is still down around 2% on the day. Most altcoins are also down except one which is pretty rampant right now, and that is Nano.

Nano is the rebranded version of RaiBlocks and according to Coinmarketcap it is trading 26% higher on the day. From a low of just under $7 yesterday NANO (previously XRB) is nudging towards $10 today with a spurt that started a couple of hours ago. It had been down trending all week from a high of $10.02 until today when it has spiked back up to $9.05. RaiBlocks had a great run in early January peaking at $36, like most altcoins that were pumped during this period it has fallen back heavily.

Nano touts itself as a ‘block lattice’ based network offering zero fee digital currency transactions. This makes micropayments more viable as there are no fees and transactions are instant. The fomo spike today has come on the announcement that the Nano wallet for Android is now in Beta on Google Play. An iOS version is in the pipeline.

Nano has a market capacity of $1.2 billion with Binance taking over 90% of the trade volume. In the past 24 hours $82 million has been traded and there are 133 million tokens in total with all of them in circulation. Nano is currently ranked at number 24 in the market cap charts.

Other altcoins showing positive price action this morning in Asia are Monero, up 8%, and Zcash. Outside of the top 25 Populous, Dent and Polymath are also doing well when most others are falling.

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Key Points

Bitcoin cash price declined further and traded towards the $1,250 support against the US Dollar.

There is a new bearish trend line forming with resistance at $1,320 on the hourly chart of BCH/USD (data feed from SimpleFX).

The pair is currently correcting higher, but it could face sellers near the $1,320 and $1,350 levels.

Bitcoin cash price faced an increased selling pressure against the US Dollar. BCH/USD declined towards $1,250 and it is currently correcting higher.

Bitcoin Cash Price Downtrend

Yesterday, there was no major correction in bitcoin cash price above the $1,400 level against the US Dollar. The price declined further and broke yesterday’s low of $1,312. It even traded below the $1,300 level and moved towards the $1,250 support. A new low was formed at $1,251 from where the price started a short-term upside correction.

An initial resistance is around the 23.6% Fib retracement level of the last decline from the $1,508 high to $1,251 low. There are many resistances on the upside and any major correction could face sellers near $1,350. To the topside, there is also a new bearish trend line forming with resistance at $1,320 on the hourly chart of BCH/USD. The trend line resistance is close to the 38.2% Fib retracement level of the last decline from the $1,508 high to $1,251 low. Therefore, if the price corrects higher further, it is likely to face sellers near the $1,300 and $1,320 level. Above $1,320, the next major upside hurdle is at $1,350.

On the downside, the recent low of $1,251 is a major support. It won’t be easy for sellers to break the $1,250 support zone. Below $1,250, the next support sits at $1,200.

Looking at the technical indicators:

Hourly MACD – The MACD for BCH/USD is strongly placed in the bearish zone.